Recording transactions Now that you have reviewed information about Mercedes Blends, you are ready to begin the first step in the accounting cycle, recording transactions. On this page of the practice set, you are asked to record all of the transactions that occurred during the month of June into the general journal of the business. The transactions for the month of June are as follows: 1 Date Transaction description 1 Diana Ramsey invested $103,000 cash into the business. 1 Purchased Coffee Making Equipment for $55,000 cash. Paid $9,000 for the next three month's rent of a studio. 1 Obtained a long-term loan of $174,000 from the Earth Bank. 5 Received $4,600 in cash from Revamp Coffee Carts for coffee making lessons provided on that day. 6 Paid $150 for a non-refundable account set-up fee to the telephone provider. 7 Purchased approximately two months worth of office supplies on credit for $2,800 from Croup Coffee. 9 Provided $6,700 of coffee making lessons on credit for SloZone. 10 Received $4,500 cash from Central Coffee for future coffee making lessons. 15 SloZone paid $2,600 in partial payment of their account. Paid staff wages of $6,500 for the period up to and including yesterday. 21 Diana Ramsey withdrew $2,000 cash from the business. 23 Made a partial payment of $1,960 for office supplies purchased on June 7. 23 Received a cash payment of $3,000 from students for coffee making lessons provided on that day. 27 Provided $4,500 of coffee making lessons to Quick Bolt Coffee on credit. 17